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MC4F12-Brand Management - Level 4

Introduction

For a business, in context of profitability and revenues, a credible brand is a key of success. A brand is a name symbol, design as well as intermixture of all of them that is conscious in order to identify goods and services of one marketer or group of Sellers and to separate them from market competition. Its a sum total of company's value as evidence by how it is deliver these value at every point of contact. Hence, branded products are able to raise customers' satisfaction level as it is very much important in marketing. It also assure better quality, easily availability of goods and pricing stability to target audiences. Branding supports a firm to accomplish its goals and objectives in a certain time period. L'oreal is the chosen organisation for this present assignment, its a French personal care company. It is a world's ample cosmetic company and formulated its actions in aura of skin care, perfume,  make up, sun protection, hair colour and hair-care. Apart from this, the report will be describe importance of branding in emerging business practices. Readers will also come to know about key components of successful brand strategy how to manage brand equity. At last, there will be discussion upon diverse techniques in order to evaluate and pull off brand value of th

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TASK 1

P1 Importance of branding as a marketing tool and how it has emerged with business practices

Brand - Before understanding the term branding, readers firstly have to know about the core concept of brand. A brand entails with a product or service which differentiate an organisation to its rivals ; creating an effective brand assists both consumer as well as manufacturer generates a win win situation for both parties. Along with this, brand provides legal protection towards novel aspects or features of goods. Brand loyalty will contribute to retain existing customers while diversifying one product line and it also renders security of demands and creates barriers for other manufacturer in order to easily tap existing customer.

Branding - The term branding can be outlined as a process of building an unique name, design, symbol, message or tag line among consumer’s mind with an aim of distinguishing it from external rivals offerings and increasing loyalty. Branding helps differentiate products and services of the organisation and make them worthy for customers. However, a brand represent a firm's message and objectives that go beyond selling a product. An effective branding is able to get customers' know about products' details and its usage; it also promotes recognition of business. Additionally, an attractive brand can make referrals or viral activity since individuals love to educate others concerning the brands they like.

Branding strategy of LO'real - L'Oreal is a popular cosmetic brand among people especially in women. The main brands of the firm are – Lancôme, Giorgio Armani, Yves Saint Laurent Beauté, Biotherm, Ralph Lauren, Shu Uemura, Cacharel etc. The overall revenue of L'Oreal is €26.024 billion and current operating income is €4.676 billion. There are overall 90000 employees are presently working with the company; it always focused on providing innovative and worthy products to target audiences for obtaining maximum competitive edge from target market. L’Oréal is one of the world’s top beauty brands as its total worth is $110 billion approximately. As the brand maintains its seat at the top through innovations in technology, beauty and advertising. For example- introduction of L'Oréal's own particular site Makeup.com uncovers magnificence tips, traps and items that can engage ladies to achieve their optimal level of excellence. Its articles have simple to take after well ordered instructional exercises joined by itemized pictures and recordings. Then again, L'Oréal made the first virtual make up analyzer application named Makeup Genius. The application empowers ladies to attempt different make-up looks progressively with the utilization of 300+ L'Oréal items. All these marking techniques causes firm to remain effective in showcase rivalry.

Importance of branding as a marketing tool and emerging business practices: - 

  • Branding influence recognition – The most important logo in brand it its logo as if people are aware about this, then it means branding has worked. Logo design of company must be simple and enough powerful to affect customers' choice. Thus, effective branding ensure that more and more get know about firm's offerings or products.
  • Branding builds trust – It generates trust and credibility of people; it results customers will get influence to purchase products and services. But to build individual's faith management requires to generate qualitative or value added products which are able to satisfy customers' needs and demands. A brand also communicates a culture of reliableness that customers share with a brand; most  importantly a brand builds trust of its audiences.
  • It provides employees' inspiration – A strong brand is able to attract people to work with it; they feel proud to engage with that brand as well as try to accomplish organisational goals and objectives.
  • Brands helps to launch new products – Strong products or brands sets a way for growth and development of a business association. When people started to trust upon a brand, it supports associations to add new product in their product line or even get into a different area.  L'Oreal may have begun off offering hair shading, yet because of awesome buyers' reaction and confide in the brand, they grabbed up LO'real make up items, healthy skin and antiperspirants when these new items were presented.

Differentiation between product and a brand: - 

Product

Brand

A product is made by firms and purchased by a customer in exchange for money.

Whereas brands are created through   perceptions, expectations, and experiences of consumers by all offerings which are involved in a brand umbrella. 

A product can be copied by competitors at anytime.

Brands are unique and build by previous experience of customers who buy them.

Main products of L'Oreal are – make up Foundation,  Lashes Mascara, Infallible Mono Eyeshadow, Riche Nutri Shine Lipstick, Titanium Nail Paint etc.

Main brands of L'Oreal are – Lancôme, Giorgio Armani, Kiehl's, Biotherm, Yves Saint Laurent Beauté, Ralph Lauren, Cacharel etc.

P2 Key components of successful brand strategy and managing brand equity

Brand equity – It is a set of brand assets and liabilities associated to the brand. It adds or subtracts value of a products which are offered by a firm to its customers. Brand power means a its power that is derivable from market good will and its name or fame which is earned by the a company over time. In addition, it helps into maximum profitability and sales revenues in comparison with competing brands. In simple terms, brand equity is a set of subordinates that supprts a brand to pull in efficient volume then it would without brand name.

By considering L'Oreal, the firm manages its brand equity by making certain necessary modifications in its existing strategies so as; it supports to boost up market value of the company. Although, brand equity begins with unique style, thrilling messages as well as compelling picture which driven up brand value. L’Oréal Paris is the most valuable cosmetics brand for the third consecutive year; the brand has reached a record value of US $13.7 billion. L'Oreal is located in 130 nations by having 32 international brand and it has registered with 500 patents.

Below is defined several key components to manage brand equity: -

Public relations – It is essential for multinational business associations, like – L'Oreal to manage strong public relations by fulfilling its social responsibilities. In addition, companies have to make their products as per customers' demands or taste. For this purpose, there must be required to have provide positive working environment to manpower as they can work in different strategies to accomplish vision and mission of th

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